Understood and agreed. However, complexity of a product does (or at least should) inform risk of future competitors. The market for instant messaging systems

Understood and agreed. However, complexity of a product does (or at least should) inform risk of future competitors. The market for instant messaging systems is relatively low-cost to enter, has lots of serious players, and seems to be moving towards a subscription model, which is easier to disrupt. Perhaps a free protocol will win sufficient mindshare to commoditise the market, though I'm not optimistic - most players' profitability rely on walled gardens. Either way, the market is replete with its varied biases, unfounded optimism, and information asymmetry.